Gold Rises ₹1,230, Silver Surges ₹9,250 as Investors Turn to Safe Havens

Gold and silver prices, which are considered to be safe investments, have increased on Tuesday. With the weakening of the US dollar and the increase in the level of uncertainty in the West Asian region, investors have bought these precious metals. Silver has increased by Rs 9,250 to Rs 2.77 lakh/kg, while gold has increased by Rs 1,230 to Rs 1.62 lakh/10 grams.

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Spot gold has increased by about 1% to $5,145/oz during Asian trading hours, while spot silver has surged by almost 4% to $87.9/oz.

Earlier in the day, the price of these precious metals had decreased. US President Donald Trump said the conflict with Iran was nearly over. Following this statement, investors’ inclination toward safe-haven investments somewhat diminished.

Meanwhile, the US Dollar Index also strengthened to 99.42. A stronger dollar makes metals typically priced in dollars more expensive for investors in other currencies, which could depress demand.

According to analysts, rising tensions in West Asia have led to a surge in energy prices, raising fears of rising inflation. Consequently, investors expect the Federal Reserve and other central banks to maintain high interest rates for a longer period of time or even raise them further. Higher interest rates are generally considered negative for non-interest-bearing metals like gold and silver.